AutoZone's quarterly profit beats estimates on demand for car parts

OReilly Automotive

21/05/2024 12:48

May 21 (Reuters) - AutoZone  AZO.N  beat estimates for
third-quarter profit on Tuesday, driven by strong demand for
automotive parts as more Americans held on to their ageing cars
amid higher prices and wait times for newer models.
    Quarterly net sales at the auto parts supplier, which
competes with Advance Auto Parts  AAP.N  and O'Reilly Automotive
 ORLY.O , rose 3.5% to about $4.24 billion. 
    Analysts on average were expecting AutoZone to report
third-quarter net sales of $4.29 billion.
    On an adjusted basis, the company earned $36.69 per share in
the quarter ended May 4, compared with analysts estimates of
$35.96 per share, according to LSEG data.
    However, domestic same-store sales in the quarter remained
flat from a year earlier.

 (Reporting by Nathan Gomes in Bengaluru; Editing by Anil
D'Silva)
 ((Nathan.Gomes@thomsonreuters.com;))